Traders turn to commodities as stocks falter
Stocks and government bonds fell yesterday as commodities rallied to two-year highs.
Silver, soybeans and copper jumped to levels last seen in October 2008 as investors moved money into hard assets in anticipation that a massive economic stimulus plan announced by the Federal Reserve last week will continue to weaken the dollar.
Gold settled at $1,409.80 an ounce, up $7. The precious metal is hovering near record levels in dollar terms but is still well below its peak in the early 1980s after accounting for inflation.
Investors are expecting that commodities will hold their value even if the dollar falls.
The Dow Jones industrial average fell 60.09 points, or 0.5 percent, to 11,346.75. The Standard & Poor's 500 index fell 9.85, or 0.8 percent, to 1,213.40, while the technology-focused Nasdaq composite index fell 17.07, or 0.7 percent, to 2,562.98.- AP
Sarra Sounds Off, Season 3, Ep 4: Top football teams in action, fantasy update and plays of the week Gregg Sarra sounds off on the Nassau Conference II football matchup between Calhoun at Carey, plus the comeback story of New Hyde Park's Gabriel Peter, an update on the high school fantasy football standings and the plays of the week.
Sarra Sounds Off, Season 3, Ep 4: Top football teams in action, fantasy update and plays of the week Gregg Sarra sounds off on the Nassau Conference II football matchup between Calhoun at Carey, plus the comeback story of New Hyde Park's Gabriel Peter, an update on the high school fantasy football standings and the plays of the week.
